Tenon Medical (NASDAQ:TNON) Earns Buy Rating from Analysts at Alliance Global Partners

Alliance Global Partners initiated coverage on shares of Tenon Medical (NASDAQ:TNON) in a research note published on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $3.00 target price on the stock.

Tenon Medical Price Performance

NASDAQ TNON opened at $1.11 on Wednesday. Tenon Medical has a 1 year low of $0.91 and a 1 year high of $15.79. The stock has a market capitalization of $6.88 million, a PE ratio of -0.04 and a beta of 1.16. The business’s 50-day moving average is $1.44 and its 200 day moving average is $2.24.

Hedge Funds Weigh In On Tenon Medical

Several hedge funds have recently made changes to their positions in TNON. Geode Capital Management LLC purchased a new stake in Tenon Medical in the fourth quarter worth $34,000. Spectrum Asset Management Inc. NB CA raised its holdings in Tenon Medical by 155.9% in the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock worth $48,000 after purchasing an additional 15,625 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Tenon Medical in the 4th quarter worth $51,000. 22.74% of the stock is owned by hedge funds and other institutional investors.

Tenon Medical Company Profile

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as transfixes the SI joints.